Univar Inc. Announces Completion of New Term Loan Facilities and Closing of Offering of $400 Million of Senior Notes by Univar USA Inc.
01 July 2015
DOWNERS GROVE, Ill. – July 01, 2015 – Univar Inc. (NYSE: UNVR) (“Univar”) announced today that its wholly-owned subsidiary, Univar USA Inc. (“Univar USA”), has completed the issuance of its $2.05 billion USD Term Loan B and €250 million EUR First Lien Term Loan (“New Term Loan Facilities”) and that, separately, Univar USA has closed its offering of $400 million aggregate principal amount of 6.75% Senior Notes due July 15, 2023 (the “Notes”).
The New Term Loan Facilities mature in July 2022 and bear interest based on, at Univar USA’s option, LIBOR plus 3.25%, subject to a LIBOR floor of 1.00%, or Base Rate plus 2.25%. There was no material change to Univar’s total or secured leverage as a result of the borrowings under the New Term Loan Facilities and the issuance of the Notes. Merrill Lynch, Pierce, Fenner & Smith Incorporated, acted as lead arranger of the New Term Loan Facilities, together with additional arrangers.
The Company intends to use the net proceeds of the Notes offering, together with the borrowings under the New Term Loan Facilities and cash on hand, to refinance certain existing indebtedness under its existing senior secured credit facilities and pay related transaction costs.
The Notes were offered in a private offering exempt from the registration requirements of the United States Securities Act of 1933, as amended (the “Securities Act”). The Notes were offered and sold only to qualified institutional buyers pursuant to Rule 144A and to certain persons outside the United States pursuant to Regulation S, each under the Securities Act.
The Notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
This press release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.